The global transformers market is valued at USD 64.4 billion in 2024, driven by surging investments in power transmission infrastructure, renewable energy integration, and smart grid modernization. Asia Pacific dominates the transformers market with over 50% of global demand, supported by rapid electrification in China, India, and Southeast Asia, while North America and Europe sustain premium pricing due to stringent transformer efficiency regulations (DOE, Ecodesign), digital grid upgrades, and replacement of ageing fleets. Cost structures are heavily shaped by copper, aluminium, and core steel price volatility, with raw materials alone accounting for nearly 60% of production costs. Additionally, the transformers market supply chain faces pressure from long lead times for electrical steel and large power units, encouraging regionalised transformer manufacturing and local sourcing strategies.
Transformers overview
Published by MMR Statistics Research Team, Updated